Gold still remains the ultimate safe haven asset, but the road to higher prices could be a bumpy one with several obstacles along the way, this according to The Telegraph ’s Tom Stevenson.

“No one should expect the price of gold to move serenely higher. Forecasts of new records above the $1,822 reached in 2013 may well prove to be correct, but it is likely to be a bumpy ride. Even in an environment of zero interest rates, the absence of an income is a reason to hesitate before investing in gold,” Stevenson said in an article published Monday.

Furthermore, a strengthening of the U.S. dollar may add more headwinds to the yellow metal, he added.

Still, all investors should hold some gold during uncertain times, according to the article.

“Gold is no one ’s liability. It is the ultimate hedge against black swans, tail risks and both inflation and deflation. Gold ’s very ‘uselessness’, the fact that it is hardly used at all in industrial processes, unlike silver or platinum, makes it a bulwark against an economic heart attack such as the lockdown imposed on the world by the corona-crisis. It has held its own for 5,000 years,” the article said.

One reason for gold ’s selloff last month may be due to the “unique nature of the global economic seizure we are experiencing,” Stevenson noted.

Gold, bonds, and equities fell in tandem with each other a few weeks ago, which signaled that investors were on a bid to raise cash and sold “what they could and not what they would choose to.”

Disruptions to the supply chain further complicated gold price ’s movement of late.

“For the first time in 100 years, the big Swiss refineries close to the border with corona-hit Lombardy have been shut. The grounding of entire fleets of aircraft is making it more difficult to transport gold to where it is required, either for physical purchase or to back financial instruments like exchange traded commodities,” he said.

Stevenson ’s comments come as spot gold rose 2.4% on Monday, last trading at $1,726.40 an ounce, the highest it has been in seven years, he noted.

“It is no surprise that gold is back in fashion today. BullionVault, an online marketplace for precious metals, says the number of people buying physical gold on its platform doubled between February and March,” he said.